XRP Price Prediction as XRP Reaches $0.60: Is the $1 Mark Within Reach?
The XRP price has gained by 2% in the past 24 hours, rising above $0.60 on a day when the market as a whole has climbed by 1%.
At $0.614565, XRP is now up by 10% in a week and by 27% in the past fortnight, with Ripple’s successes in its case with the SEC this year helping it to gain by 80% since January.
Its gains today have followed the Federal Reserve keeping interest rates on hold, while it has also benefitted from the growing expectation that the SEC will approve several Bitcoin ETFs.
As such, XRP may hit $0.80 or higher by the end of the year, with 2024 potentially bringing even higher levels.
XRP’s indicators are now in a prime position, with the coin more or less in full breakout mode.
Most notably, its 30-day average (yellow) has just climbed over its 200-day average (blue), forming a ‘golden cross’ that often signals a break towards a new, permanently higher level.
It’s a similar story with XRP’s RSI (purple), which rose beyond 70 a few days ago and is now nearing 80.
However, this potentially indicates that, as well as enjoying some strong buying pressure, XRP’s currently rally may be close to peaking.
Traders should therefore be careful, and may want to wait for XRP to dip a little before entering its market.
But in the medium- and long-term, now is a good time to enter the market, which could be preparing for big end-of-year bull rally.
In fact, some analysts have said that the next Bitcoin bull market has already begun, something which portends a wider crypto bull market, if correct.
It’s also worth pointing out that the market (including XRP) has benefited from the Federal Reserve keeping its rates on hold, providing a sign that it may have ended this year’s bearish course of rate hikes.
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